8-K 1 thb03003.txt JUNE 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 Form 8-K Current Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): June 25, 2003 THORNBURG MORTGAGE SECURITIES TRUST Mortgage Loan Pass-Through Certificates, Series 2003-3 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-102489-15 Pending Pooling and Servicing Agreement) (Commission (State or other File Number) IRS EIN jurisdiction of Incorporation) c/o Wells Fargo Bank Minnesota, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) ITEM 5. Other Events On June 25, 2003 a distribution was made to holders of THORNBURG MORTGAGE SECURITIES TRUST, Mortgage Loan Pass-Through Certificates, Series 2003-3 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Loan Pass- Through Certificates, Series 2003-3 Trust, relating to the June 25, 2003 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. THORNBURG MORTGAGE SECURITIES TRUST Mortgage Loan Pass-Through Certificates, Series 2003-3 Trust By: Wells Fargo Bank Minnesota, N.A., as Securities Administrator By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 6/30/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Loan Pass-Through Certificates, Series 2003-3 Trust, relating to the June 25, 2003 distribution.

~~SECURITIES~~Thornburg ~~AND~~Mortgage ~~EXCHANGE~~Securities ~~COMMISSION~~Trust Mortgage Loan Pass-Through Certificates Record Date: 5/31/03 Distribution Date: 6/25/03 THB Series: 2003-3 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A1 885220DN0 SEN 2.65864% 206,768,000.00 458,101.13 2,605,354.25 R 885220DV2 SEN 2.65864% 100.00 0.22 100.00 A2 885220DP5 SEN 3.91249% 115,273,000.00 375,836.55 2,776,729.92 A3 885220DQ3 SEN 4.46077% 321,254,000.00 1,194,199.51 2,507,937.91 A4 885220DR1 SEN 5.04525% 96,961,000.00 407,660.45 38,361.70 B1 885220DS9 SUB 3.94854% 7,619,000.00 25,069.94 2,294.23 B2 885220DT7 SUB 3.94854% 5,714,000.00 18,801.63 1,720.60 B3 885220DU4 SUB 3.94854% 4,571,000.00 15,040.65 1,376.42 B4 885220DK6 SUB 3.94854% 1,142,000.00 3,757.69 343.88 B5 885220DL4 SUB 3.94854% 761,000.00 2,504.03 229.15 B6 885220DM2 SUB 3.94854% 1,910,180.00 6,285.35 575.19 Totals 761,973,280.00 2,507,257.15 7,935,023.25

~~Washington~~Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A1 0.00 204,162,645.75 D3,063,455.C38 0. ~~20549~~00 R 0.00 0.00 100.22 0.00 A2 0.00 112,496,270.08 3,152,566.47 0.00 A3 0.00 318,746,062.09 3,702,137.42 0.00 A4 0.00 96,922,638.30 446,022.15 0.00 B1 0.00 7,616,705.77 27,364.17 0.00 B2 0.00 5,712,279.40 20,522.23 0.00 B3 0.00 4,569,623.58 16,417.07 0.00 B4 0.00 1,141,656.12 4,101.57 0.00 B5 0.00 760,770.85 2,733.18 0.00 B6 0.00 1,909,604.81 6,860.54 0.00 Totals 0.00 754,038,256.75 10,442,280.40 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

~~FORM~~Principal ~~8-K~~Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A1 206,768,000.00 206,768,000.00 7,838.74 2,597,515.51 0.00 0.00 R 100.00 100.00 0.30 99.70 0.00 0.00 A2 115,273,000.00 115,273,000.00 20,460.74 2,756,269.18 0.00 0.00 A3 321,254,000.00 321,254,000.00 169,342.07 2,338,595.84 0.00 0.00 A4 96,961,000.00 96,961,000.00 25,269.92 13,091.78 0.00 0.00 B1 7,619,000.00 7,619,000.00 2,294.23 0.00 0.00 0.00 B2 5,714,000.00 5,714,000.00 1,720.60 0.00 0.00 0.00 B3 4,571,000.00 4,571,000.00 1,376.42 0.00 0.00 0.00 B4 1,142,000.00 1,142,000.00 343.88 0.00 0.00 0.00 B5 761,000.00 761,000.00 229.15 0.00 0.00 0.00 B6 1,910,180.00 1,910,180.00 575.19 0.00 0.00 0.00 Totals 761,973,280.00 761,973,280.00 229,451.24 7,705,572.01 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~CURRENT~~Principal ~~REPORT~~Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A1 2,605,354.25 204,162,645.75 0.98739963 2,605,354.25 R 100.00 0.00 0.00000000 100.00 A2 2,776,729.92 112,496,270.08 0.97591171 2,776,729.92 A3 2,507,937.91 318,746,062.09 0.99219329 2,507,937.91 A4 38,361.70 96,922,638.30 0.99960436 38,361.70 B1 2,294.23 7,616,705.77 0.99969888 2,294.23 B2 1,720.60 5,712,279.40 0.99969888 1,720.60 B3 1,376.42 4,569,623.58 0.99969888 1,376.42 B4 343.88 1,141,656.12 0.99969888 343.88 B5 229.15 760,770.85 0.99969888 229.15 B6 575.19 1,909,604.81 0.99969888 575.19 Totals 7,935,023.25 754,038,256.75 0.98958622 7,935,023.25

~~PURSUANT~~Principal TODistribution ~~SECTION~~Factors 13Statement OROriginal 15Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (d2) OFAmount ~~THE~~Balance Distribution Distribution Accretion A1 206,768,000.00 1000.00000000 0.03791080 12.56246378 0.00000000 R 100.00 1000.00000000 3.00000000 997.00000000 0.00000000 A2 115,273,000.00 1000.00000000 0.17749811 23.91079594 0.00000000 A3 321,254,000.00 1000.00000000 0.52712828 7.27958513 0.00000000 A4 96,961,000.00 1000.00000000 0.26061942 0.13502109 0.00000000 B1 7,619,000.00 1000.00000000 0.30111957 0.00000000 0.00000000 B2 5,714,000.00 1000.00000000 0.30112006 0.00000000 0.00000000 B3 4,571,000.00 1000.00000000 0.30112011 0.00000000 0.00000000 B4 1,142,000.00 1000.00000000 0.30112084 0.00000000 0.00000000 B5 761,000.00 1000.00000000 0.30111695 0.00000000 0.00000000 B6 1,910,180.00 1000.00000000 0.30111822 0.00000000 0.00000000 (2) All Classes Are Per $1000 Denomination.

~~SECURITIES~~Principal ~~AND~~Distribution ~~EXCHANGE~~Factors ~~ACT~~Statement OF(continued) ~~1934~~Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A1 0.00000000 12.60037457 987.39962543 0.98739963 12.60037457 R 0.00000000 1,000.00000000 0.00000000 0.00000000 1,000.00000000 A2 0.00000000 24.08829405 975.91170595 0.97591171 24.08829405 A3 0.00000000 7.80671341 992.19328659 0.99219329 7.80671341 A4 0.00000000 0.39564052 999.60435948 0.99960436 0.39564052 B1 0.00000000 0.30111957 999.69888043 0.99969888 0.30111957 B2 0.00000000 0.30112006 999.69887994 0.99969888 0.30112006 B3 0.00000000 0.30112011 999.69887989 0.99969888 0.30112011 B4 0.00000000 0.30112084 999.69887916 0.99969888 0.30112084 B5 0.00000000 0.30111695 999.69888305 0.99969888 0.30111695 B6 0.00000000 0.30111822 999.69888178 0.99969888 0.30111822 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~Date~~Interest ofDistribution ~~Report~~Statement ~~(Date~~Beginning Payment of ~~earliest~~Original ~~event~~Current ~~reported)~~Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A1 206,768,000.00 2.65864% 206,768,000.00 458,101.13 0.00 0.00 R 100.00 2.65864% 100.00 0.22 0.00 0.00 A2 115,273,000.00 3.91249% 115,273,000.00 375,836.55 0.00 0.00 A3 321,254,000.00 4.46077% 321,254,000.00 1,194,199.51 0.00 0.00 A4 96,961,000.00 5.04525% 96,961,000.00 407,660.45 0.00 0.00 B1 7,619,000.00 3.94854% 7,619,000.00 25,069.94 0.00 0.00 B2 5,714,000.00 3.94854% 5,714,000.00 18,801.63 0.00 0.00 B3 4,571,000.00 3.94854% 4,571,000.00 15,040.65 0.00 0.00 B4 1,142,000.00 3.94854% 1,142,000.00 3,757.69 0.00 0.00 B5 761,000.00 3.94854% 761,000.00 2,504.03 0.00 0.00 B6 1,910,180.00 3.94854% 1,910,180.00 6,285.35 0.00 0.00 Totals 761,973,280.00 2,507,257.15 0.00 0.00

~~June~~Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A1 0.00 0.00 458,101.13 ~~2003~~0.00 204,162,645.75 R 0.00 0.00 0.22 0.00 0.00 A2 0.00 0.00 375,836.55 0.00 112,496,270.08 A3 0.00 0.00 1,194,199.51 0.00 318,746,062.09 A4 0.00 0.00 407,660.45 0.00 96,922,638.30 B1 0.00 0.00 25,069.94 0.00 7,616,705.77 B2 0.00 0.00 18,801.63 0.00 5,712,279.40 B3 0.00 0.00 15,040.65 0.00 4,569,623.58 B4 0.00 0.00 3,757.69 0.00 1,141,656.12 B5 0.00 0.00 2,504.03 0.00 760,770.85 B6 0.00 0.00 6,285.35 0.00 1,909,604.81 Totals 0.00 0.00 2,507,257.15 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

~~STRUCTURED~~Interest ~~ASSET~~Distribution ~~SECURITIES~~Factors ~~CORPORATION~~Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (as5) ~~Depositor~~Amount ~~under~~Rate ~~the~~Balance ~~Trust~~Interest ~~Agreement~~Shortfall ~~dated~~Shortfall asA1 of206,768,000.00 ~~May~~2.65864% 11000.00000000 2.21553205 0.00000000 0.00000000 R 100.00 2.65864% 1000.00000000 2.20000000 0.00000000 0.00000000 A2 115,273,000.00 ~~2003~~3.91249% 1000.00000000 3.26040400 0.00000000 0.00000000 A3 321,254,000.00 ~~providing~~4.46077% ~~for~~1000.00000000 ~~the~~3.71730627 ~~issuance~~0.00000000 of0.00000000 ~~Thornburg~~A4 ~~Mortgage~~96,961,000.00 ~~Securities~~5.04525% ~~Trust~~1000.00000000 ~~2003-~~4.20437547 0.00000000 0.00000000 B1 7,619,000.00 3.94854% 1000.00000000 3.29045019 0.00000000 0.00000000 B2 5,714,000.00 ~~Mortgage~~3.94854% ~~Loan~~1000.00000000 ~~Pass-Through~~3.29044977 ~~Certificates~~0.00000000 0.00000000 B3 4,571,000.00 ~~Series~~3.94854% ~~2003-~~1000.00000000 3.29045067 0.00000000 0.00000000 B4 1,142,000.00 3.94854% 1000.00000000 3.29044658 0.00000000 0.00000000 B5 761,000.00 3.94854% 1000.00000000 3.29044678 0.00000000 0.00000000 B6 1,910,180.00 3.94854% 1000.00000000 3.29044907 0.00000000 0.00000000 (5) All Classes Are Per $1000 Denomination.

~~Structured~~Interest ~~Asset~~Distribution ~~Securities~~Factors ~~Corporation~~ Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A1 0.00000000 0.00000000 2.21553205 0.00000000 987.39962543 R 0.00000000 0.00000000 2.20000000 0.00000000 0.00000000 A2 0.00000000 0.00000000 3.26040400 0.00000000 975.91170595 A3 0.00000000 0.00000000 3.71730627 0.00000000 992.19328659 A4 0.00000000 0.00000000 4.20437547 0.00000000 999.60435948 B1 0.00000000 0.00000000 3.29045019 0.00000000 999.69888043 B2 0.00000000 0.00000000 3.29044977 0.00000000 999.69887994 B3 0.00000000 0.00000000 3.29045067 0.00000000 999.69887989 B4 0.00000000 0.00000000 3.29044658 0.00000000 999.69887916 B5 0.00000000 0.00000000 3.29044678 0.00000000 999.69888305 B6 0.00000000 0.00000000 3.29044907 0.00000000 999.69888178 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 10,659,459.17 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (~~Exact~~Servicer ~~Name~~Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 Total Deposits 10,659,459.17 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of ~~Registrant~~Service asFee ~~Specified~~217,178.77 inPayment ~~its~~of ~~Charter~~Interest and Principal 10,442,280.40 Total Withdrawals (Pool Distribution Amount) 10,659,459.17 Ending Balance 0.00

Delaware	333-102489	74-2440850
(State or Other Jurisdiction Of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

~~745~~SERVICING ~~Seventh~~FEES ~~Avenue~~Gross Servicing Fee 203,971.23 ~~7th~~Master ~~Floor~~Servicing ~~New~~Fee- ~~York~~Wells Fargo 12,699.56 ~~New~~Trustee ~~York~~Fee ~~(Address~~- ofDeutsche ~~Principal~~Bank ~~Executive~~507.98 ~~Offices)~~Supported ~~10019~~Prepayment/Curtailment ~~(Zip~~Interest ~~Code)~~Shortfall 0.00 Net Servicing Fee 217,178.77

~~Registrant’s~~Original ~~telephone~~$ ~~number~~Original % Current $ Current % Bankruptcy 100,000.00 ~~including~~0.01312382% ~~area~~100,000.00 ~~code: (212)~~0.01326193% ~~526-7000~~Fraud 15,239,462.00 1.99999953% 15,239,462.00 2.02104626% Special Hazard 11,006,701.00 1.44449960% 11,006,701.00 1.45970060% Limit of Subordinate's Exposure to Certain Types of Losses

Delinquency Status By Groups DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 1 No ~~Change~~ of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 4 0 0 0 4 3,636,500.00 0.00 0.00 0.00 3,636,500.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 4 0 0 0 4 3,636,500.00 0.00 0.00 0.00 3,636,500.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.044386% 0.000000% 0.000000% 0.000000% 1.044386% 1.729758% 0.000000% 0.000000% 0.000000% 1.729758% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.044386% 0.000000% 0.000000% 0.000000% 1.044386% 1.729758% 0.000000% 0.000000% 0.000000% 1.729758% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 2 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 2 0 0 0 2 760,451.44 0.00 0.00 0.00 760,451.44 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 2 0 0 0 2 760,451.44 0.00 0.00 0.00 760,451.44 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.816327% 0.000000% 0.000000% 0.000000% 0.816327% 0.656171% 0.000000% 0.000000% 0.000000% 0.656171% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.816327% 0.000000% 0.000000% 0.000000% 0.816327% 0.656171% 0.000000% 0.000000% 0.000000% 0.656171% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 3 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 8 0 0 0 8 4,150,405.00 0.00 0.00 0.00 4,150,405.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 8 0 0 0 8 4,150,405.00 0.00 0.00 0.00 4,150,405.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 1.317957% 0.000000% 0.000000% 0.000000% 1.317957% 1.264183% 0.000000% 0.000000% 0.000000% 1.264183% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 1.317957% 0.000000% 0.000000% 0.000000% 1.317957% 1.264183% 0.000000% 0.000000% 0.000000% 1.264183% DELINQUENT BANKRUPTCY FORECLOSURE REO Total Group 4 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 60 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%

COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 4.290601% Weighted Average Net Coupon 3.969375% Weighted Average Pass-Through Rate 3.948575% Weighted Average Maturity(~~Former~~Stepdown ~~Name~~Calculation or) ~~Former~~359 ~~Address~~Beginning Scheduled Collateral Loan Count 1,424 ifNumber ~~Changed~~Of ~~Since~~Loans ~~Last~~Paid ~~Report)~~In Full 10 Ending Scheduled Collateral Loan Count 1,414 Beginning Scheduled Collateral Balance 761,973,280.00 Ending Scheduled Collateral Balance 754,038,257.11 Ending Actual Collateral Balance at 31-May-2003 754,217,370.45 Monthly P &I Constant 2,953,887.23 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Class A Optimal Amount 10,364,281.64 Ending Scheduled Balance for Premium Loans 754,038,257.11 Scheduled Principal 229,451.24 Unscheduled Principal 7,705,572.01

~~Item~~Group Level Collateral Statement Group Group 1 Group 2 Group 3 Collateral Description Mixed ARM Mixed ARM Mixed ARM Weighted Average Coupon Rate 3.023366 4.189572 4.816595 Weighted Average Net Rate 2.679438 3.933285 4.481567 Pass-Through Rate 2.658638 3.912485 4.460768 Weighted Average Maturity 358 360 359 Beginning Loan Count 385 249 611 Loans Paid In Full 2 4 4 Ending Loan Count 383 245 607 Beginning Scheduled Balance 212,834,164.93 118,655,525.44 330,678,334.66 Ending scheduled Balance 210,228,480.70 115,878,195.13 328,165,428.92 Record Date 05/31/2003 05/31/2003 05/31/2003 Principal And Interest Constant 544,298.68 435,324.31 1,501,596.29 Scheduled Principal 8,069.02 21,061.13 174,309.90 Unscheduled Principal 2,597,615.21 2,756,269.18 2,338,595.84 Scheduled Interest 536,229.66 414,263.18 1,327,286.39 Servicing Fees 60,999.63 25,341.56 92,322.01 Master Servicing Fees 3,547.24 1,977.60 5,511. 30 Trustee Fee 141.89 79.11 220.45 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other ~~Events~~Fee 0.00 0.00 0.00 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest 471,540.90 386,864.91 1,229,232.63 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.00 0.00 0.00 Prepayment Penalties 0.00 0.00 0.00 Special Servicing Fee 0.00 0.00 0.00

~~The~~Group ~~Registrant~~Level ~~registered~~Collateral ~~issuances~~Statement ofGroup ~~Thornburg~~Group ~~Mortgage~~4 ~~Securities~~Total ~~Trust~~Collateral ~~2003-3,~~Description ~~Mortgage~~Mixed ~~Loan~~ARM ~~Pass-Through~~Mixed ~~Certificates,~~ARM ~~Series~~Weighted ~~2003-3,~~Average onCoupon aRate ~~delayed~~5.370340 or4.290601 ~~continuous~~Weighted ~~basis~~Average ~~pursuant~~Net toRate ~~Rule~~5.066051 ~~415~~3.969375 ~~under~~Pass-Through ~~the~~Rate ~~Securities~~5.045251 ~~Act~~3.948575 ofWeighted ~~1933,~~Average asMaturity ~~amended~~358 ~~(the~~359 ~~“Act”),~~Beginning byLoan aCount ~~Registration~~179 ~~Statement~~1,424 onLoans ~~Form~~Paid ~~S-3~~In ~~(Registration~~Full ~~File~~0 ~~No.~~10 ~~333-102489)~~Ending ~~(the~~Loan ~~“Registration~~Count ~~Statement”). Pursuant~~179 to1,414 ~~the~~Beginning ~~Registration~~Scheduled ~~Statement~~Balance 99,805,255.33 ~~the~~761,973,280.36 ~~Registrant~~Ending ~~issued~~scheduled ~~$758~~Balance 99,~~160~~766,~~100~~152.36 in754,038,257.11 ~~aggregate~~Record ~~principal~~Date ~~amount~~05/31/2003 of05/31/2003 ~~Class~~Principal ~~A1,~~And ~~Class~~Interest A2Constant 472,667.95 ~~Class A3~~2,953,887.23 ~~Class~~Scheduled A4Principal 26,011.19 ~~Class B1~~229,451.24 ~~Class~~Unscheduled B2Principal 13,091.78 ~~Class~~7,705,572.01 B3Scheduled ~~and~~Interest ~~Class~~446,656.76 R2,724,435.99 ~~Certificates~~Servicing onFees ~~June 4~~25,308.03 ~~2003~~203,971. ~~This~~23 ~~Current~~Master ~~Report~~Servicing onFees ~~Form~~1,663.42 ~~8-K~~12,699.56 isTrustee ~~being~~Fee ~~filed~~66.53 to507.98 ~~satisfy~~FRY anAmount ~~undertaking,~~0.00 ~~contained~~0.00 inSpecial ~~the~~Hazard ~~definitive~~Fee ~~Prospectus~~0.00 ~~dated~~0.00 ~~March~~Other ~~20,~~Fee ~~2003,~~0.00 as0.00 ~~supplemented~~Pool byInsurance ~~the~~Fee ~~Prospectus~~0.00 ~~Supplement~~0.00 ~~dated~~Spread ~~May~~Fee ~~28,~~1 ~~2003~~0.00 ~~(the~~0.00 ~~“Prospectus~~Spread ~~Supplement”),~~Fee to2 ~~file~~0.00 a0.00 ~~copy~~Spread ofFee ~~the~~3 ~~Trust~~0.00 ~~Agreement~~0.00 ~~(as~~Net ~~defined~~Interest ~~below)~~419,618.78 ~~and~~2,507,257.22 ~~other~~Realized ~~operative~~Loss ~~agreements~~Amount ~~executed~~0.00 in0.00 ~~connection~~Cumulative ~~with~~Realized ~~the~~Loss ~~issuance~~0.00 of0.00 ~~the~~Percentage ~~Certificates,~~of aCumulative ~~form~~Losses of0.00 ~~which~~0.00 ~~was~~Prepayment ~~filed~~Penalties as0.00 an0.00 ~~exhibit~~Special toServicing ~~the~~Fee ~~Registration~~0.00 ~~Statement~~0.00

The Certificates were issued pursuant to a Trust Agreement (the “Trust Agreement”), attached hereto as Exhibit 4.1, dated as of May 1, 2003, among Structured Asset Securities Corporation, as depositor, Wells Fargo Bank Minnesota, National Association, as master servicer and as securities administrator, Deutsche Bank Trust Company Delaware, as Delaware trustee and Deutsche Bank National Trust Company, as trustee. The “Certificates” consist of the following classes: Class A1, Class A2, Class A3, Class A4, Class B1, Class B2, Class B3, Class B4, Class B5, Class B6 and Class R. The Certificates evidence all of the beneficial ownership interest in a trust fund (the “Trust Fund”) that consists primarily of four pools of hybrid and adjustable rate, conventional, first lien, residential mortgage loans (the “Mortgage Loans”) with an aggregate outstanding principal balance of $761,973,280 as of May 1, 2003, together with certain other assets. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Trust Agreement.

Item 7. Financial Statements; Pro Forma Financial Information and Exhibits

(a)

Not applicable.

(b)

Not applicable.

(c)

Exhibits:

1.1

Terms Agreement dated May 28, 2003, between Structured Asset Securities Corporation, as Depositor, and Lehman Brothers Inc., as the Underwriter.

4.1

Trust Agreement dated as of May 1, 2003, among Structured Asset Securities Corporation, as Depositor, Wells Fargo Bank Minnesota, National Association, as Master Servicer and as Securities Administrator, Deutsche Bank Trust Company Delaware, as Delaware Trustee and Deutsche Bank National Trust Company, as Trustee.

99.1

Mortgage Loan Purchase and Assignment Agreement dated as of May 1, 2003, between Thornburg Mortgage Home Loans, Inc., and Structured Asset Securities Corporation.

99.2

Servicing Agreement dated as of March 1, 2002, by and between Wells Fargo Bank Minnesota, National Association, as master servicer and Thornburg Mortgage Home Loans, Inc., as seller and servicer, as amended by the Amendment to Servicing Agreement dated as of December 1, 2002 and Sub-Servicing Acknowledgement Agreement dated as of March 1, 2002, by and between Thornburg Mortgage Home Loans, Inc., as servicer and Cenlar FSB, as sub-servicer, as amended by the Amendment to Sub-Servicing Acknowledgement Agreement dated as of December 1, 2002, with attached Transfer Notice dated May 23, 2003.

99.3

Mortgage Loan Sale and Servicing Agreement dated as of April 1, 2003, by and between Thornburg Mortgage Home Loans, Inc. and ABN AMRO Mortgage Group, Inc. as reconstituted by a Reconstituted Servicing Agreement dated as of May 1, 2003, among Thornburg Mortgage Home Loans, Inc. and ABN AMRO Mortgage Group, Inc., and acknowledged by Wells Fargo Bank Minnesota, National Association and Deutsche Bank National Trust Company.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

STRUCTURED ASSET SECURITIES

CORPORATION

By: /s/ Michael Hitzmann

Name: Michael Hitzmann

Title: Vice President

Dated: June 4, 2003

EXHIBIT INDEX

Exhibit No.

Description

Page No.

1.1

Terms Agreement dated May 28, 2003, between Structured Asset Securities Corporation, as Depositor, and Lehman Brothers Inc., as the Underwriter.

4.1

Trust Agreement dated as of May 1, 2002, among Structured Asset Securities Corporation, as Depositor, Wells Fargo Bank Minnesota, National Association, as Master Servicer and as Securities Administrator, Deutsche Bank Trust Company Delaware, as Delaware Trustee and Deutsche Bank National Trust Company, as Trustee.

99.1

Mortgage Loan Purchase and Assignment Agreement dated as of May 1, 2003, between Thornburg Mortgage Home Loans, Inc., and Structured Asset Securities Corporation.

99.2

99.3

Filing Compare · STRUCTURED ASSET SECURITIES CORP THORN MORT SEC TR 2003-3